Common use of Prohibited Directions Clause in Contracts

Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither the UTI Beneficiary nor the holder of the 2015-1 SUBI Certificate shall direct the Vehicle Trustee (i) to take any action that would cause the 2015-1 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 2015-1 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 2015-1 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 2015-1 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 2015-1 SUBI Portfolio and (b) the Trust to pay, other than from the assets of the 2015-1 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 2015-1 SUBI Portfolio and payable by the Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 2015-1 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Trust or the 2015-1 SUBI Portfolio or (vii) to take any actions with respect to the 2015-1 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust and of the Other SUBI Portfolios or the UTI Portfolio.

Appears in 2 contracts

Samples: BMW Vehicle Lease Trust 2015-1, BMW Auto Leasing LLC

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Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither the UTI Beneficiary nor the holder of the 20152010-1 SUBI Certificate shall direct the Vehicle Trustee (i) to take any action that would cause the 20152010-1 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20152010-1 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20152010-1 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20152010-1 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20152010-1 SUBI Portfolio and (b) the Trust to pay, other than from the assets of the 20152010-1 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20152010-1 SUBI Portfolio and payable by the Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20152010-1 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Trust or the 20152010-1 SUBI Portfolio or (vii) to take any actions with respect to the 20152010-1 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust and of the Other SUBI Portfolios or the UTI Portfolio.

Appears in 2 contracts

Samples: BMW Vehicle Lease Trust 2010-1, BMW Vehicle Lease Trust 2010-1

Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither none of the UTI Beneficiary nor Beneficiary, the holder of the 2015-1 20[__]-[__] SUBI Certificate or the Registered Pledgee shall direct the Vehicle Trustee (i) to take any action that would cause the 2015-1 20[__]-[__] SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Vehicle Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 2015-1 20[__]-[__] SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 2015-1 20[__]-[__] SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 2015-1 20[__]-[__] SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 2015-1 20[__]-[__] SUBI Portfolio and (b) the Vehicle Trust to pay, other than from the assets of the 2015-1 20[__]-[__] SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 2015-1 20[__]-[__] SUBI Portfolio and payable by the Vehicle Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 2015-1 20[__]-[__] SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) to file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Vehicle Trust or the 2015-1 20[__]-[__] SUBI Portfolio or (vii) to take any actions with respect to the 2015-1 20[__]-[__] SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust Issuer to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust Issuer and of the Other SUBI Portfolios or the UTI Portfolio.

Appears in 2 contracts

Samples: Financial Services Vehicle Trust, Financial Services Vehicle Trust

Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither none of the UTI Beneficiary nor Beneficiary, the holder of the 20152022-1 SUBI Certificate or the Registered Pledgee shall direct the Vehicle Trustee (i) to take any action that would cause the 20152022-1 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Vehicle Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20152022-1 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20152022-1 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20152022-1 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20152022-1 SUBI Portfolio and (b) the Vehicle Trust to pay, other than from the assets of the 20152022-1 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20152022-1 SUBI Portfolio and payable by the Vehicle Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20152022-1 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation (without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) to file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Vehicle Trust or the 20152022-1 SUBI Portfolio or (vii) to take any actions with respect to the 20152022-1 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust Issuer to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust Issuer and of the Other SUBI Portfolios or the UTI Portfolio.

Appears in 2 contracts

Samples: BMW Vehicle Lease Trust 2022-1, BMW Vehicle Lease Trust 2022-1

Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither the UTI Beneficiary nor the holder of the 2015[____]-1 [_] SUBI Certificate shall direct the Trustee or the related Series Vehicle Trustee (i) to take any action that would cause the 2015-1 related SUBI Portfolio to be substantively consolidated into any Other other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Trust, Trust or an Other another SUBI or the UTI, (ii) to commingle any of the assets of the 2015-1 related SUBI Portfolio with the assets of any Other other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 2015-1 related SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 2015-1 related SUBI Portfolio, if any, not to be identifiable on or the bank accounts, corporate records and books of account, if any, of the 2015-1 related SUBI Portfolio and (b) the Trust to pay, other than from the assets of the 2015-1 related SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 2015-1 related SUBI Portfolio and payable by the Trust pursuant to the SUBI Trust this Agreement, (v) to maintain the assets and liabilities of the 2015-1 related SUBI Portfolio so that they are not readily ascertainable from those of any Other other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), ) (vi) file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Trust or the 2015-1 SUBI Portfolio or (vii) to take any actions with respect to the 2015-1 related SUBI Portfolio except in its capacity as the Vehicle Trustee or as the Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf , in respect of the Trust to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust and of the Other such SUBI Portfolios or the UTI Portfolio.

Appears in 2 contracts

Samples: www.sec.gov, BMW Auto Leasing LLC

Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither the UTI Beneficiary nor the holder of the 20152012-1 SUBI Certificate shall direct the Vehicle Trustee (i) to take any action that would cause the 20152012-1 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20152012-1 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20152012-1 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20152012-1 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20152012-1 SUBI Portfolio and (b) the Trust to pay, other than from the assets of the 20152012-1 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20152012-1 SUBI Portfolio and payable by the Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20152012-1 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Trust or the 20152012-1 SUBI Portfolio or (vii) to take any actions with respect to the 20152012-1 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust and of the Other SUBI Portfolios or the UTI Portfolio.

Appears in 2 contracts

Samples: Vehicle Lease (BMW Vehicle Lease Trust 2012-1), BMW Vehicle Lease Trust 2012-1

Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither none of the UTI Beneficiary nor Beneficiary, the holder of the 20152017-1 2 SUBI Certificate or the Registered Pledgee shall direct the Vehicle Trustee (i) to take any action that would cause the 20152017-1 2 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Vehicle Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20152017-1 2 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20152017-1 2 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20152017-1 2 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20152017-1 2 SUBI Portfolio and (b) the Vehicle Trust to pay, other than from the assets of the 20152017-1 2 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20152017-1 2 SUBI Portfolio and payable by the Vehicle Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20152017-1 2 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) to file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Vehicle Trust or the 20152017-1 2 SUBI Portfolio or (vii) to take any actions with respect to the 20152017-1 2 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust Issuer to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust Issuer and of the Other SUBI Portfolios or the UTI Portfolio.

Appears in 2 contracts

Samples: BMW Vehicle Lease Trust 2017-2, BMW Vehicle Lease Trust 2017-2

Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither the UTI Beneficiary nor the holder of the 2015-1 2 SUBI Certificate shall direct the Vehicle Trustee (i) to take any action that would cause the 2015-1 2 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 2015-1 2 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 2015-1 2 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 2015-1 2 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 2015-1 2 SUBI Portfolio and (b) the Trust to pay, other than from the assets of the 2015-1 2 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 2015-1 2 SUBI Portfolio and payable by the Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 2015-1 2 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Trust or the 2015-1 2 SUBI Portfolio or (vii) to take any actions with respect to the 2015-1 2 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust and of the Other SUBI Portfolios or the UTI Portfolio.

Appears in 2 contracts

Samples: BMW Auto Leasing LLC, BMW Auto Leasing LLC

Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither none of the UTI Beneficiary nor Beneficiary, the holder of the 20152018-1 SUBI Certificate or the Registered Pledgee shall direct the Vehicle Trustee (i) to take any action that would cause the 20152018-1 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Vehicle Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20152018-1 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20152018-1 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20152018-1 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20152018-1 SUBI Portfolio and (b) the Vehicle Trust to pay, other than from the assets of the 20152018-1 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20152018-1 SUBI Portfolio and payable by the Vehicle Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20152018-1 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) to file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Vehicle Trust or the 20152018-1 SUBI Portfolio or (vii) to take any actions with respect to the 20152018-1 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust Issuer to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust Issuer and of the Other SUBI Portfolios or the UTI Portfolio.

Appears in 2 contracts

Samples: BMW Vehicle Lease Trust 2018-1, BMW Vehicle Lease Trust 2018-1

Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither none of the UTI Beneficiary nor Beneficiary, the holder of the 20152017-1 SUBI Certificate or the Registered Pledgee shall direct the Vehicle Trustee (i) to take any action that would cause the 20152017-1 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Vehicle Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20152017-1 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20152017-1 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20152017-1 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20152017-1 SUBI Portfolio and (b) the Vehicle Trust to pay, other than from the assets of the 20152017-1 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20152017-1 SUBI Portfolio and payable by the Vehicle Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20152017-1 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) to file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Vehicle Trust or the 20152017-1 SUBI Portfolio or (vii) to take any actions with respect to the 20152017-1 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust Issuer to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust Issuer and of the Other SUBI Portfolios or the UTI Portfolio.

Appears in 2 contracts

Samples: BMW Vehicle Lease Trust 2017-1, BMW Vehicle Lease Trust 2017-1

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Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither the UTI Beneficiary nor the holder of the 2015-1 20[__]-[__] SUBI Certificate shall direct the Vehicle Trustee (i) to take any action that would cause the 2015-1 20[__]-[__] SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 2015-1 20[__]-[__] SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 2015-1 20[__]-[__] SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 2015-1 20[__]-[__] SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 2015-1 20[__]-[__] SUBI Portfolio and (b) the Trust to pay, other than from the assets of the 2015-1 20[__]-[__] SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 2015-1 20[__]-[__] SUBI Portfolio and payable by the Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 2015-1 20[__]-[__] SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Trust or the 2015-1 20[__]-[__] SUBI Portfolio or (vii) to take any actions with respect to the 2015-1 20[__]-[__] SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust and of the Other SUBI Portfolios or the UTI Portfolio.

Appears in 2 contracts

Samples: Financial Services Vehicle Trust, BMW Auto Leasing LLC

Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither the UTI Beneficiary nor the holder of the 20152013-1 SUBI Certificate shall direct the Vehicle Trustee (i) to take any action that would cause the 20152013-1 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20152013-1 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20152013-1 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20152013-1 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20152013-1 SUBI Portfolio and (b) the Trust to pay, other than from the assets of the 20152013-1 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20152013-1 SUBI Portfolio and payable by the Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20152013-1 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Trust or the 20152013-1 SUBI Portfolio or (vii) to take any actions with respect to the 20152013-1 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust and of the Other SUBI Portfolios or the UTI Portfolio.

Appears in 2 contracts

Samples: BMW Vehicle Lease Trust 2013-1, BMW Vehicle Lease Trust 2013-1

Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither the UTI Beneficiary nor the holder of the 2015[____]-1 [_] SUBI Certificate shall direct the Vehicle Trustee (i) to take any action that would cause the 2015[____]-1 [_] SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 2015[____]-1 [_] SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 2015[____]-1 [_] SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 2015[____]-1 [_] SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 2015[____]-1 [_] SUBI Portfolio and (b) the Trust to pay, other than from the assets of the 2015[____]-1 [_] SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 2015[____]-1 [_] SUBI Portfolio and payable by the Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 2015[____]-1 [_] SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Trust or the 2015[____]-1 [_] SUBI Portfolio or (vii) to take any actions with respect to the 2015[____]-1 [_] SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust and of the Other SUBI Portfolios or the UTI Portfolio.

Appears in 1 contract

Samples: BMW Auto Leasing LLC

Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither the UTI Beneficiary nor the holder of the 20152009-1 SUBI Certificate shall direct the Vehicle Trustee (i) to take any action that would cause the 20152009-1 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20152009-1 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20152009-1 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20152009-1 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20152009-1 SUBI Portfolio and (b) the Trust to pay, other than from the assets of the 20152009-1 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20152009-1 SUBI Portfolio and payable by the Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20152009-1 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Trust or the 20152009-1 SUBI Portfolio or (vii) to take any actions with respect to the 20152009-1 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust and of the Other SUBI Portfolios or the UTI Portfolio.

Appears in 1 contract

Samples: BMW Vehicle Lease Trust 2009-1

Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither the UTI Beneficiary nor the holder of the 20152007-1 SUBI Certificate shall direct the Vehicle Trustee (i) to take any action that would cause the 20152007-1 SUBI Portfolio to be substantively consolidated into any Other other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Trust, Trust or an Other another SUBI or the UTI, (ii) to commingle any of the assets of the 20152007-1 SUBI Portfolio with the assets of any Other other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20152007-1 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20152007-1 SUBI Portfolio, if any, not to be identifiable on or the bank accounts, corporate records and books of account, if any, of the 20152007-1 SUBI Portfolio and (b) the Trust to pay, other than from the assets of the 20152007-1 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20152007-1 SUBI Portfolio and payable by the Trust pursuant to the SUBI Trust Agreementthis Supplement, (v) to maintain the assets and liabilities of the 20152007-1 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), ) (vi) file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Trust or the 20152007-1 SUBI Portfolio or (vii) to take any actions with respect to the 20152007-1 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust and of the Other SUBI Portfolios or the UTI Portfolio.

Appears in 1 contract

Samples: BMW Vehicle Lease Trust 2007-1

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